Raymond borrowed $3,000.00 from Loans R Us Company. The line of credit agreement provided for repayment of the loan in equal monthly payments of $668.76 which includes interest of 9.00 % per annum calculated on the unpaid balance.

a.       What is the monthly rate of interest?

b.       Calculate the outstanding loan balance at the end of the third payment

c.       What are the total interest charges?

d.       How many payments are required to pay off the loan

e.       What is the final Payment

Answer rating: 100% (QA)

a The annual interest rate is 9 so the monthly interest rate is 912 075 b To calculate the outstandi... View the full answer